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WEST PALM BEACH, Florida, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Praxsyn (OTC:PXYN, the “Company”) is pleased to announce that it has signed a Letter of Intent to purchase Amelia Island Outpatient Surgery Center, LLC. In Fernandina Beach, Florida, home to the Amelia Island Concours d’Elegance.
The state of the art, outpatient surgery center occupies approximately 9,000 sq. ft. of the two story, approximately 29,000 sq. ft. building, all of which Praxsyn has agreed to purchase. The balance of the space is intended for independent medical offices. It’s location on this resort island offers Praxsyn the ability to extract patient flow from as far south as Daytona Beach and as far North as Savanah, Georgia and West to Tallahassee. The building and land have an appraised value over $8,000,000.
Management intends to syndicate a portion of the acquisition cost of the surgery center to the doctors working there to reduce acquisition debt while retaining majority ownership of the center.
Maximally, the center could generate as much as $7,500,000 a month in gross revenue, based on its current build out, although the first-floor center only occupies approximately 63% of the first floor, leaving substantial room for expansion.
With our funding sources, we can provide receivables financing for the surgeons utilizing our facilities and offices and generate substantial commission income beyond the surgery center profits.
About Praxsyn Corporation
Headquartered in West Palm Beach, Florida, Praxsyn Corporation works to realize the vision of medical professionals to improve the lives of their patients. Additional company information can be found at www.praxsyncorp.com.
This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue Praxsyn's business and product development plans and overall market conditions. These forward-looking statements are made as of the date of this press release, and Praxsyn assumes no obligation to update the forward-looking statements.
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TEN Associates LLC